French media giant Canal+ announced on Monday that it has taken effective control of South African television and streaming company MultiChoice, forming a combined group operating in nearly 70 countries across Africa, Europe, and Asia.
In a joint statement, both companies revealed that the new entity will employ 17,000 staff members and serve over 40 million subscribers.
The deal represents “the largest transaction ever undertaken” by Canal+, according to the statement.
Already a market leader in French-speaking African nations, Canal+ has now assumed control of what it described as the leading operator in English- and Portuguese-speaking regions of the continent.
“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.
South Africa’s competition authority granted final approval for the takeover in late July, more than a year after Canal+ initiated its bid.
At the time of the offer, Canal+ proposed 125 rand ($7.2) per share for MultiChoice, giving the South African company an estimated value of about $3.0 billion.
Currently, Canal+ operates in 25 African countries through 16 subsidiaries and counts eight million subscribers.
Meanwhile, MultiChoice runs services in 50 countries across sub-Saharan Africa, with 14.5 million subscribers. Its portfolio includes Africa’s leading sports broadcaster, SuperSport, along with the popular DStv satellite television service.
